NICOLE BARRINGTON
News Writer

The University of Saskatchewan Students’ Union went public against the hostile takeover of PotashCorp but Chris Stoicheff wants to make it clear that the USSU does not endorse the company or a provincial party.

“We’re not backing the premier; we’re backing the province of Saskatchewan,” said Stoicheff.

BHP Billiton offered PotashCorp investors $130 per share. On Nov. 3 the federal government industry minister Tony Clement rejected the takeover bid but left the door open until December. Since then, there has been quite a bit of speculation about BHP Billiton’s next move. According to the StarPhoenix, the company is still going to try a hostile takeover.

According to Stoicheff, “There’s a potential loss of $3 billion” regarding the takeover.

The $3 billion he is referring to are royalties, “70 per cent [of which] goes to ministries that fund post-secondary education.”

See related: University Students’ Council blindsided by USSU executive on Potash

For students, this means the loss of scholarships and funding for projects around campus. PotashCorp has contributed about $10 million to the U of S in the past 30 years.

On Oct. 29, about 100 people gathered at Edwards School of Business to celebrate the funding. Coincidentally, the pep rally was held around the time when BHP’s hostile takeover was looking very possible.

Stoicheff says that this was no coincidence and that the rally “should have been held at another time” as it “does not reflect the neutrality of Edwards School of Business,” though the event was run by the U of S in rented ESB space.

The USSU “does not endorse PotashCorp” and wants it to be emphasized that their decision was based on the net-benefit analysis and “not dogma.”

“It’s reasonable for student leaders to make sure student interests are in mind,” said Stoicheff.

The net-benefit analysis is part of a report by the Conference Board of Canada, a non-profit organization. This report is unbiased and does not favour any particular political party or group.

With the door still open for BHP Billiton, there is a possibility that the company will revise its offer to benefit Saskatchewan. The rejection of the bid is proof that more has to be on the table for Saskatchewan to support the takeover.

BHP has plans to build a new mine at Jansen Lake, which will create jobs and possibly internships. However, Stoicheff says the creation of jobs from the potential Jansen Lake mine is nothing more than a promise.

“We can’t accept a deal based on promises,” he said.

On the other hand, he believes this could be an opportunity for BHP.

If BHP “would focus on post-secondary” institutions, the USSU would support possible future takeover attempts, especially with the needed funding for renovations, argued Stoicheff. For the U of S to complete their $21 million in construction, the private sector will have to “stand up.